Quote from frenchfry:
Digesting your corrections. Thanks for that.
I (think) I understand why you would/could (theoretically) assign a P1 Volume to it. But... if I only look at the volume of bar 76 compared to the previous two bars then according to the rules I would have to assign a T1. There was no P2 yet therefore I would think none of the other rules apply. Is that correct?
No.
Look at your notes on TI and look at your notes on bar 78.
If they are complete you will see a note on the only place (only means no where else) where T1 is possibly skipped is bar 78 where the event IS:
Advance one peak.
The peaks are: P1, P2 and P3.
You have to know the status of peaks as bar 78 begins, forms and completes. Look up the event log column to see the peak status.
There is no such thing as "assigning" T1. If you made something up, then eliminate what you made up.
T1's only come from doing the three part test procedure. A T1 can only occur as a "next" after the assigned P1 or after a new P1 when only P1's are part of the trend.
T1's can be "repeats"
If a P2 occurs, then there are no more T1's possible
From the above, it is possible for you to conclude that if another P1 occurs after a P2, then no T1's are possible at this point in the trend.
Many many people and authors and traders are incorrect in their postulations about trends. They create risk and they create the need for money management.
All bars are named.
50% or so are named WAIT.
There is only one pattern. This enables you to get permission from price (here you make errors). Price permission lets you apply a three part test procedure (here you make errors).
Where the test procedure does not yield a forwarding of the trend, from finite math and binary vector math, YOU KNOW YOU KNOW that an End Effect has ocurred.
Name the End Effect and begin a new trend. Or skip naming the End Effect and just take that profit segment.
None of this is rocket science.
I keep posting the same things to you over and over.
This series of posts comes from your error in annotating a lateral. Laterals have BO's. If there is no BO, then the laeral is continuing.
See if you can post charts every 5 to 10 bars. Also include your hand written log with the dot and the arrows on each row.
trading is not done in hindsight. trading is not done by making calls. trading is not done by predicting. Trading is not done with statistics. Trading is not done by setting targets.
Trading IS only done by following a fully complete system. There are no flaws, no noise and no anomalies. A fully complete system operates in the Present which is sometimes called NOW.
In the Present all price and volume bars have names. There are 10 price names and 11 volume names. 21 bar names that start, move through and bring the forward progress to an end when none apply on an bar that ends a trend. On that bar a unique End Effect is presented to the trader whereby he REVERSES to the upcoming trend corre4ct sentiment.
There is a failsafe measure called a bookmark. On a book mark a trend FAILS and immediately on that bar a new first name is assigned to that bar.
If you take notes, then you "GET IT" by doing the repetitions. some times you can follow the notes, when you do not have a note, then you write the correct note and your notes grow.
I learned to trade in 1957 in 40 days, half of which The last half) I had begun to trade live. I bought my first MB sports car in 1960 while in Kopenhagen on my second European summer vacation. I started with 300 bucks. Darvas ws dancing and box trding. He toured Europe annually. He used the telegraph I used the telephone.
In stocks there are five rules and you make 10% a turn and seven turns double your money six times a year. There are three Arithmetic equations. A one pager contains the rules and the chart and table. It was checked out with 400,000 data checks and no adjustments were made. The filter for over 7,000 stocks reduces the Universe to 100 stocks. You click one button to get the list. you can score the stock position daily. You can rank the stock automatically when you see the olumns on the list.
Almost anyone can trade PVT. The filter and its criteria have been discussed endlessly. At this point your rays on volume bars in SCT do not even follow the standard color coding. You do not post daily logs (five page standard logs) nor daily charts for intraday SCT trading.